Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Maine Municipal Bond Bank (the Bond Bank) under programs of the federal government for the year ended June 30, 2024. The Bond Bank jointly administers the Clean Water Program with the State of Maine Department of Environmental Protection and jointly administers the Drinking Water Program with the State of Maine Department of Health and Human Services. Financial assistance received directly from federal agencies as well as federal assistance passed through state agencies is included on the schedule. All federal expenditures in 2024 are through direct awards under programs jointly administered with state agencies. The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting as described in note 2 to the Bond Bank’s financial statements. The information in this schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance).Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Bond Bank has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures from grants are based on approved drawdown requests submitted by eligible loan recipients or for allowable administrative cost reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate